Forager Fund Proposes Take-Private Acquisition of Repay Holdings Corp at $4.80 Per Share

On April 17, 2026, Forager Fund, L.P., along with Forager Capital Management, LLC and its managing partners, filed a Schedule 13D/A reporting a significant 12.9% stake in Repay Holdings Corp (RPAY). The filing details a major strategic move where the Reporting Persons delivered a non-binding proposal letter to the Issuer's Board of Directors. The proposal offers to acquire all remaining outstanding shares of Repay Holdings Corp not already owned by the Forager group for $4.80 per share in cash. This "take-private" offer represents a formal shift in the purpose of the investment toward seeking a full acquisition. The Reporting Persons currently hold 11,106,548 shares of Class A Common Stock. While the proposal is active, the filing notes there is no guarantee that a definitive agreement will be reached or that a transaction will be consummated. The proposal is subject to board approval and the satisfaction of standard closing conditions. This amendment follows a previous position and highlights Forager's intent to consolidate control of the company.